Tips to Help Save for That Down Payment!
Buying a house is a huge investment - probably the biggest investment you will ever make! As the best realtors at the Lake of the Ozarks, Your Favorite Real Estate Team knows what it takes to buy the home of your dreams. One of the big steps in the process is saving up enough for the down payment. While some loans offer the option of 0-5% down, it is traditional to put down 20% of the purchase price when buying a home. If you are looking for advice on how to save up for this expense, keep reading!
Save More
One of the most popular ways to save for a down-payment is to set up automatic direct deposits into your savings account. This is a very convenient way to save because it is an automatic process. Withdrawing money from a savings account takes more effort, so you can't just swipe a card when you get the craving for take-out.
If you are accustomed to taking a yearly vacation, skipping a year can save a ton of money in the meantime! If you really need a getaway, try condensing your week-long vacation into a weekend getaway. This can save you a lot of money to put towards your down payment. You can also take a look at your monthly expenses and see if there is anything you could cut out. Consider cutting out your cable bill for a year. On average, cable costs $70, so in a year's time, you could save $840! Another big expense is eating out. How often do you grab a quick lunch at a restaurant? Packing your lunch and planning ahead can save you a lot of money! Everyone's monthly expenses and habits are different. Take a look at your expenses and decide what you feel comfortable cutting out.
With the rising popularity of Facebook groups and the marketplace, selling your unwanted items just got easier! Do you have furniture in your home that is not in use? Selling furniture and other items can help you make some extra cash and declutter your home at the same time! The possibilities are endless when it comes to selling your things. From clothing to lawn equipment, there is bound to be some items laying around that you could sell.
Saving is not something that can happen overnight without winning the lottery, but we don't recommend holding out for that. But, don't be discouraged! After the first few months of saving, it will start to feel second nature. Before you know it, you will be enjoying your beautiful new home at the Lake of the Ozarks, and it will all be worth it! If you're ready to start looking for the home of your dreams, contact Your Favorite Real Estate Team. We can't wait to help!
Make More
Having a second job is a great way to quickly build up your savings account. This probably won't be the most popular choice, but trust us when we say it will be worth it in the end when you are enjoying a cocktail or coffee on the deck of your new house at the Lake of the Ozarks! Just remember, the second job is designed to be temporary, and as soon as you have enough saved you can go back to just having one job. This also doesn't mean you have to pick up a second full-time job. Think of picking up a few shifts at the local coffee shop, do odd jobs for hire, take a quick test and become a substitute teacher... There are lots of great options out there!
Spend Less
If you are accustomed to taking a yearly vacation, skipping a year can save a ton of money in the meantime! If you really need a getaway, try condensing your week-long vacation into a weekend getaway. This can save you a lot of money to put towards your down payment. You can also take a look at your monthly expenses and see if there is anything you could cut out. Consider cutting out your cable bill for a year. On average, cable costs $70, so in a year's time, you could save $840! Another big expense is eating out. How often do you grab a quick lunch at a restaurant? Packing your lunch and planning ahead can save you a lot of money! Everyone's monthly expenses and habits are different. Take a look at your expenses and decide what you feel comfortable cutting out.
Get Creative
With the rising popularity of Facebook groups and the marketplace, selling your unwanted items just got easier! Do you have furniture in your home that is not in use? Selling furniture and other items can help you make some extra cash and declutter your home at the same time! The possibilities are endless when it comes to selling your things. From clothing to lawn equipment, there is bound to be some items laying around that you could sell.
Saving for a Lake House
Saving is not something that can happen overnight without winning the lottery, but we don't recommend holding out for that. But, don't be discouraged! After the first few months of saving, it will start to feel second nature. Before you know it, you will be enjoying your beautiful new home at the Lake of the Ozarks, and it will all be worth it! If you're ready to start looking for the home of your dreams, contact Your Favorite Real Estate Team. We can't wait to help!
CONTACT ED SCHMIDT FOR ALL YOUR LAKE OF THE OZARK REAL ESTATE NEEDS
Ed Schmidt, REALTOR
752 Bagnell Dam Blvd. Suite A
Lake Ozarks, Mo 65049
Phone: 573-240-9052
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